Dana Gas Q4 profit jumps, no details on sukuk


Dana Gas Co. - DANA
0.54 -0.02 -3.58%
30/01/2012 17:43 AST

Dana Gas, which faces a $1 billion sukuk maturity in October, posted sharply higher fourth-quarter and yearly profits on Monday, buoyed by an increase in production and higher oil prices.

Abu Dhabi-listed Dana, which has operations in the UAE, Egypt and Kurdistan, made quarterly profit of 147 million dirhams ($40 million), according to Reuters calculations. It had profit of 59 million dirhams in the year-ago period.

A Global Investment House analyst had forecast quarterly profit of 151 million dirhams, in a Reuters poll. HSBC estimated quarterly profit at 146.9 million dirhams in an analyst note dated January 30.

Dana reported full-year net profit of 506 million dirhams, up from 158 million dirhams in 2010. Reuters calculated quarterly profit from previous financial statements. Nine-month profit to Sept. 30 was 359 million dirhams.

Dana, which hired Deutsche Bank to advise it on the October Islamic bond, made no reference to how it will repay the outstanding $920 million on the sukuk in the statement.

Dana's share have been battered by fears it might struggle to honour the debt. Earlier this month, it said it would meet its debt obligations.

'Dana's share price has been under pressure as management has yet to announce a strategy to address a challenging liquidity position ahead of the October 2012 sukuk maturity,' the HSBC note said.

'We believe a default is unlikely, as sukuk holders are more likely to agree to a restructuring that can enable Dana to monetise its assets rather than see a complex liquidation with recovery potentially below 40 cents on the dollar.'

The Gulf's only listed natural gas firm has faced payment delays for gas delivered to Egypt, due to political unrest. 'The consequences of the so-called 'Arab Spring' are presenting the oil and gas industry with considerable challenges in the short term, and Dana Gas is not immune to these,' Dana Gas Chairman Hamid Jafar said in a statement.

Gross revenues for the year jumped to 2.53 billion from 1.78 billion in the previous year, according to Dana's statement.

Reuters
Dana Gas Co. - DANA
2016 | 2015 | 2014 | 2013 | 2012 | 2011 | 2010 | 2009 | News Archive
Most Viewed Companies
Ticker Price Volume
EEC 18.71 3,506,077
QNBK 156 240,031
OOREDOO 1120 1,390
SABIC 80.73 11,116,011
ALDAR 2.67 14,953,088
BKMB 0.4 2,620,003
MARK 35.5 966,280
Recent News

US dollar slips against commodity currencies after OPEC deal
The US dollar hit a roughly five-month low against the Norwegian crown and fell against other commodity-linked currencies on Wednesday after OPEC sources told Reuters the producing group agreed to r

Heavyweights lead index drop on Muscat bourse
Selling pressure in index heavyweights weighed on the MSM 30 Index which declined 0.39 per cent to close at 5,726.16 points. The MSM Shariah Index closed at 874.98 points, down 0.07 per cent.

Qatar Electricity and Water acquires 9.75pc stake in Phoenix Power
Phoenix Power Company SAOG announced yesterday one of its founder shareholders Qatar Electricity and Water Company (QEWC), has transferred its entire stake in the company, representing 9.75 per cent

Islamic banks in Sultanate post 53% growth in finance
Oman’s Islamic banks and window operations have shown a robust year-on-year growth of 53.09 per cent (or OMR744.3 million) in financing at OMR2,146.2 million by the end of July 2016, against OMR1,401

Development of local resources can help supplant copper imports
Rising copper imports fuelled by the growth of a burgeoning copper-based manufacturing sector could soon be supplanted by locally sourced metal mined and processed in Oman, according to a top executi

GulfBase GCC Index
Search By
  • Company Symbol
  • Company Name
  • Mutual Fund Name
  • News Content
Send this page to a friend

Poll

Looking ahead, what change you are more likely to make in investing in your domestic stock market?